by CPA | Jun 30, 2016 | Rental Real Estate CPA, Self-directed IRA
Many IRA custodians promote themselves as offering a Self Directed IRA, but what that really means is that you can direct your IRA as long as you direct your investments into one of their offerings. In other words, in a custodian controlled self directed IRA, you are...
by CPA | Jun 23, 2016 | Self-directed IRA
What is UBIT? Many IRAs make investments that do not incur tax (subject to specific rules). However, some IRAs make investments do incur tax that and Unrelated Business Income Tax (UBIT) is the name for the tax assessed. How do I know if my IRA investments are subject...
by CPA | Jun 21, 2016 | US Expatriate & International Tax Returns
In order to avoid double taxation, U.S. expats are generally entitled to several benefits related to the income they earn while overseas and the taxes they pay to foreign countries: Foreign Earned Income Exclusion – Each year, U.S. expats are allowed to exclude from...
by CPA | Jun 2, 2016 | Nonprofits & 990s
Most nonprofit organizations are exempt from paying tax to the IRS. However, they are required to file form 990. The due date for form 990 is due on the 15th day of the fifth month after an organization’s tax year end. For example, if an organization has a calendar...
by CPA | Jun 1, 2016 | US Expatriate & International Tax Returns
Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, is required as an attachment to Form 1120, U.S. Corporate Income Tax Return (and certain other returns), if the reporting corporation...
by CPA | May 30, 2016 | Nonprofits & 990s
Understanding the Statement of Revenue on Form 990: Contributions, Gifts, and Grants Navigating the Statement of Revenue on a 990 is tricky business. Here is a brief line by line breakdown of the various types of revenue for a non profit organization as...
by CPA | Apr 19, 2016 | Rental Real Estate CPA
Generally speaking, a business activity is considered a passive activity if the taxpayer does not materially participate in the activity. Passive activity losses may only be deducted from passive activity income and since rental real estate activities are considered...
by CPA | Apr 11, 2016 | Self-directed IRA
The appeal of investing retirement funds in real estate and other alternative investments has driven the growth in the use of self-directed IRA (SDIRA) investments arrangements. These arrangements come in various forms, but they all start when an IRA account holder...
by CPA | Mar 9, 2016 | US Expatriate & International Tax Returns
United States persons are required to file an FBAR if: the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all foreign financial accounts...
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